Our Municipal Debt simplified:
We think it is important for taxpayers to know the portion of the taxes we pay toward the municipal budget (not including schools) that goes just for Debt Service on the enormous debt we currently have.
$14.7 out of the $20.1M municipal budget is funded by our taxes.
And 25% of that is eaten away by payments on our Debt- $3.7M in 2018 alone!
To put our Debt situation in perspective, our total Debt in 2017 was $59.6M which is 3.2 times (yes 3.2 times!) higher than what our neighbors in Tewksbury, Clinton Township, and Raritan Township have as total debt outstanding. The average total debt across those towns in 2017 was $18.9M.